You just obtained an entry-level job as a management accountant at an international firm based in Winnipeg. Other newly hired accountants have heard of the Sarbanes-Oxley Act of 2002 (SOX), but do not know much about it (they attended a different university). Complete the short memo to your colleagues discussing the reason for SOX, some of the specific requirements of SOX that will affect your company, and why this is applicable to the Canadian firm that you work for. TO: Accounting Colleagues RE: SOX The Sarbanes-Oxley Act of 2002, better known as SOX, was the SOX is to public confidence in Some of the major provisions of SOX include: The financial condition of the company. of corporate accounting scandals such as those at Enron and WorldCom. The goal of companies in the United States, their their ' and their assume responsibility for the financial statements and must certify that the financial statements fairly present the operations and The assume responsibility for establishing and maintaining an adequate internal control structure and procedures for financial reporting. The effectiveness of the internal controls and financial reporting procedures must be assessed The audit committee members must be independent of the company, which means they The penalties for corporate fraud and other white-collar crimes receive consulting or advisory fees. At least before, often including monetary fines and